Morning Briefing: free ID service for brokers to bypass branches

Leading aggregators partner with ZipID…RAMS chief says comprehensive credit reporting should be mandatory

Morning Briefing: free ID service for brokers to bypass branches
Leading aggregators partner with ZipID…RAMS chief says comprehensive credit reporting should be mandatory

AFG, Connective and Vow in rolling out a new service to help brokers ID their customers without visiting a branch. ZipID will be free to brokers, and enable the broker to properly identify the customer using a mobile app to produce a fully compliant PDF report. Another option involves ZipID, which is owned by Veda, sending representatives to visit the customer and ID them if the broker cannot
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“ZipID will make capturing clients ID information faster and simpler for our 3000-plus brokers while still meeting all the necessary compliance requirements. It’s a win for all parties, including our lender partners” said Mark Haron, director of Connective.

At present NAB is the only major to work with ZipID, Sean Simmons, the head of ZipID, told MPA, although more are expected. Simmons also revealed that Macquarie was playing a major role in driving the rollout of digital identify verification as part of its efforts to create a fully digital process.


RAMS chief says comprehensive credit reporting should be mandatory

Banks should be forced by the government to join comprehensive credit reporting (CCR), argued RAMS head of product and digital Nathan McMullen, at the ongoing Australian Mortgage and Innovation Summit in Sydney. McMullen, who was previously head of home loans at Westpac, was asked by an audience member why banks had not yet embraced CCR, and replied that “for me the solution is regulatory.” 

Sitting on a panel with representatives of ANZ and Westpac, McMullen pointed to the absent Commonwealth Bank, suggesting the audience should “walk in the shoes of the biggest lender” to answer the question. Mullen suggested CCR could benefit all banks and stated that “to me it defies logic as to why it hasn’t been mandated for authorised deposit-taking institutions.”

Asked by the chair how he’d prefer CCR be introduced, McMullen replied that “the best thing I could see happening is the regulator saying we want everyone to sign into this, we’re going to build a bureau in the next two years then we’re going to turn the switch on and we’ve got a very rich source of data we can all access.” 

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